If you’re a retiree expecting Social Security payments this month, you might qualify for a maximum payout of up to $4,873. However, the amount you’ll receive depends on several factors, such as your work history, when you filed for benefits, and your lifetime earnings. While some retirees may qualify for this maximum amount, most will receive an average payment of $1,919.
With Social Security payments scheduled for multiple dates in September, it’s important to know when you’ll get paid and how much you can expect. Let’s break it all down.
Payment Dates
There are three Social Security payment dates in September: the 11th, 18th, and 25th. The payment date you fall under depends on your birthday, along with other eligibility criteria set by the Social Security Administration (SSA).
If you were born between the 1st and 10th of any month, your payment will be deposited on September 11. However, if your birthday is between the 11th and the 20th, expect your payment on September 18. Finally, those born after the 20th will receive their payment on September 25.
For retirees who began receiving Social Security benefits before May 1997 or are also on Supplemental Security Income (SSI), your next payment is scheduled for October 3, 2024.
Eligibility
To qualify for the September 11 payment, you must have started receiving retirement benefits after April 30, 1997. Additionally, your birthday needs to fall between the 1st and the 10th of the month. If you don’t meet these criteria, your payment date will fall on one of the later dates in September or early October.
Payment Schedule
Date | Who Receives Payment |
---|---|
September 11 | Born between the 1st and 10th of any month |
September 18 | Born between the 11th and 20th of any month |
September 25 | Born between the 21st and 31st of any month |
October 3 | Beneficiaries before May 1997 and SSI recipients |
How to Qualify
To receive the maximum Social Security payment of $4,873, you must meet several key criteria, including:
- Filing at age 70: You must wait until you’re 70 years old to file for benefits. Filing earlier reduces your payment. For instance, filing at age 62 results in a 30% reduction in benefits.
- Working for 35 years: You need to have worked for at least 35 years in jobs covered by Social Security.
- Earning the taxable maximum: Throughout your career, you must have earned the maximum amount of wages subject to Social Security taxes. This ensures that you contributed the most possible toward your future benefits.
- Paying Social Security taxes: You need to have paid Social Security taxes on your income for all 35 years. This includes meeting the contribution and benefit base requirements, often referred to as the taxable maximum.
- Staying within SSA guidelines: Following all SSA rules is critical to maintaining your benefits and ensuring you receive the maximum amount.
Payment
Filing Age | Monthly Payment |
---|---|
62 | $2,710 |
Full Retirement Age (67) | $3,822 |
70 | $4,873 |
How Filing Early Affects
Filing for Social Security before the age of 70 can significantly reduce the amount you receive. For example, if you file as early as 62, your benefits may be reduced by up to 30%. On the other hand, filing at your Full Retirement Age (FRA), which is typically around 66 or 67 depending on your birth year, gives you a larger check but still not as much as if you waited until 70.
At FRA, the maximum payment is $3,822, but delaying your filing until 70 will increase your monthly benefit to the maximum of $4,873.
After September
If you’re on both Social Security retirement and SSI, your next payment is scheduled for October 3, 2024. This is also the date for those who started receiving benefits before May 1997. Therefore, if your payment doesn’t arrive in September, don’t worry; it may be part of the early October payout schedule.
Retirees on Social Security should regularly review their benefit status and check eligibility requirements to ensure they’re receiving the maximum amount possible.
By knowing how payment dates are structured and how filing age impacts the amount you receive, you can better plan for your financial future.
FAQs
How do I qualify for the $4,873 maximum payment?
You must file at age 70 and have worked for 35 years earning the taxable maximum.
When is the September 11 payment date?
It’s for those born between the 1st and 10th of any month.
What happens if I file for Social Security at 62?
Your payment could be reduced by up to 30%.
When will I get paid if I was born after the 20th?
Your payment date will be September 25.
What’s the average Social Security payment?
The average monthly payment is $1,919 as of 2024.